{"id":1004769319,"date":"2025-08-22T04:21:39","date_gmt":"2025-08-22T12:21:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004769319"},"modified":"2025-08-22T06:06:57","modified_gmt":"2025-08-22T14:06:57","slug":"kpr-enters-minnesota-with-452-ksf-retail-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kpr-enters-minnesota-with-452-ksf-retail-buy\/","title":{"rendered":"KPR Enters Minnesota With 452 KSF Retail Buy"},"content":{"rendered":"\n

<\/p>\n\n\n

\n
\"Rendering<\/a>
Cub Foods anchors Shoppes at Knollwood, the retail center previously known as Knollwood Mall. Rendering courtesy of KPR Centers<\/em><\/figcaption><\/figure><\/div>\n\n\n

New York City-based KPR Centers has acquired Shoppes at Knollwood, a 451,700-square-foot retail center in St. Louis Park, Minn. The deal, brokered by CBRE, marks the company’s entry into the Minnesota market.<\/p>\n\n\n\n

LACERA previously owned the property, according to Yardi Research Data. The firm had bought it in 2015 from Rouse Properties for $106.7 million, financing the acquisition with a $53 million loan from Principal Financial Group.<\/p>\n\n\n\n

KPR currently owns and self-manages approximately 10 million square feet of retail space across 20 states. In the past 18 months, the firm has purchased 12 other retail centers amounting to 3 million square feet, for a combined $400 million. <\/p>\n\n\n\n

Its latest acquisitions include the 230,000-square-foot grocery-anchored Eagle Plaza in the Philadelphia area<\/a>, for which KPR paid $42 million. In another recent deal, KPR entered the Denver market with the purchase of University Hills<\/a>, a 210,000-square-foot grocery-anchored center. <\/p>\n\n\n\n

The LEED-certified Shoppes at Knollwood<\/h2>\n\n\n\n

Completed in 1955 as Knollwood Mall, the retail center underwent several renovations over the years, which transformed it into an enclosed mall in 1980. LACERA invested $30 million into Shoppes at Knollwood and brought it to its present-day form. <\/p>\n\n\n\n

The LEED-certified shopping center was nearly 99 percent leased at the time of the sale. Anchored by Cub Foods, DSW Shoe Warehouse, HomeGoods, Nordstrom Rack, Old Navy, Total Wine & More, TJ Maxx and Ulta Beauty, Shoppes at Knollwood has a tenant roster with more than 40 retailers, including Applebee\u2019s, Burger King, Claire\u2019s and Chick-fil-A. <\/p>\n\n\n\n

\n\n\n\n

READ ALSO: <\/strong>Why are Investors Hungry for Grocery-Anchored Retail<\/a><\/p>\n\n\n\n

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Located at the intersection of highways 7 and 169, Shoppes at Knollwood boasts 5.5 million customer visits annually and serves a population of more than 104,000 on a 3-mile radius, with average incomes of $140,000 per year. Downtown Minneapolis is some 8 miles northeast.<\/p>\n\n\n\n

CBRE Director Michael Wilson, together with Executive Vice Presidents Christian Williams and Richard Frolik, represented the seller.<\/p>\n\n\n\n

In the first seven months of the year, the Twin Cities’ retail market registered $71 million in investment sales, with eight properties trading at approximately $79.5 per square foot, according to Yardi Research Data. The investment volume is significantly lower than the one of last year, when 16 properties changed hands at an average per-square-foot price of $164 for a total of $253 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

In the past 18 months, the firm has purchased 12 other retail centers amounting to 3 million square feet, for a combined $400 million.<\/p>\n","protected":false},"author":3619,"featured_media":1004769321,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,13,36076,21742,21749],"tags":[32789,52150,32779],"class_list":["post-1004769319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midwest","category-minneapolis-st-paul","category-latest","category-retail","tag-cbre","tag-kpr-centers","tag-leed"],"acf":[],"yoast_head":"\nKPR Enters Minnesota With 452 KSF Retail Buy - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"KPR Centers has acquired Shoppes at Knollwood, a 451,700-square-foot retail center in St. Louis Park, Minn., near Minneapolis, from LACERA.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kpr-enters-minnesota-with-452-ksf-retail-buy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KPR Enters Minnesota With 452 KSF Retail Buy\" \/>\n<meta property=\"og:description\" content=\"KPR Centers has acquired Shoppes at Knollwood, a 451,700-square-foot retail center in St. Louis Park, Minn., near Minneapolis, from LACERA.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kpr-enters-minnesota-with-452-ksf-retail-buy\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-08-22T12:21:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-08-22T14:06:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/Shoppes-at-Knollwood-in-St.-Louis-Minn-edited.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Maria Maruta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kpr-enters-minnesota-with-452-ksf-retail-buy\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kpr-enters-minnesota-with-452-ksf-retail-buy\/\",\"name\":\"KPR Enters Minnesota With 452 KSF Retail Buy - 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